TU's RESPONSE TO THE COVID-19 PANDEMIC

Find the latest updates, resources, and operational changes at TU. READ MORE

Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in June 2020

• The most recent jobs report showed that between May and June, Maryland gained a total of 68,300 Total Nonfarm jobs.

• The official unemployment rate for Maryland dropped to 8.0 percent.

Impact of coronavirus and Trump administration immigration policy on Maryland crabbing industry

Between the Trump administration’s visa restrictions and the economic and health concerns brought on by the COVID-19 pandemic, the crab industry is taking a harder hit this year than in previous ones. A study conducted by the Maryland Department of Agriculture found that without H-2B visa workers, Maryland’s economy could lose anywhere from $100 to $150 million and around 1,000 jobs. LEARN MORE

In case you missed it:

• Old Bay, New Money: The Economics of Maryland’s Favorite Flavor

• There’s No Place Like Home: COVID-19, Social Distancing, and Economics

• Racism, White Privilege, and the Baltimore Economy

Search for COVID vaccine is boosting Maryland economy
Fox 45 Baltimore, 07/08/2020
Significant money and resources are put towards the effort to create a COVID-19 vaccine, and Maryland’s economy is poised to benefit. Two Maryland companies recently announced a total of $2 billion in deals that will go towards the vaccine effort. In turn, this will lead to hundreds of new jobs in vaccine research, development, and manufacturing. RESI Chief Economist Daraius Irani says that is a validation of more than 20 years of state support for the biotech industry. Dr. Irani notes that despite being a smaller state, Maryland is holding its own in biotech against larger states like California and Texas.

A World of Difference: What will the “new normal” look like in the COVID-19 era?
Baltimore Magazine, 07/2020
How will the economy, and our daily lives, be changed as a result of the coronavirus? RESI Chief Economist Daraius Irani states that the hopes of a quick “V-shaped” recession have disappeared, and that we are more likely to be facing a recovery that could take five years or more to get the economy back to where it was before the pandemic. Other changes noted by Dr. Irani include an increase in remote working and virtual classrooms that could lead to a renewed focus on broadband access. Despite widespread closures and challenges, Dr. Irani expects entrepreneurs to bounce back, even if it may be with an entirely new business. “Entrepreneurs are dreamers. It may take time, but they find a way. They find a niche that isn’t being served.”